On Wall Street, Nvidia loses favor while other stocks gain prominence.

The unexpected turn of events is that Nvidia Corporation is no longer enjoying the spotlight of Wall Street’s preference. Other S&P 500 competitors have surpassed the once-darling stock, which topped the charts among analysts employed by trading houses in late December. This change in attitude occurs in spite of Nvidia’s outstanding stock market performance, with its shares still rising sharply.

By the time 2023 came to an end, Nvidia’s stock had increased by an incredible 239% to $495.22. In 2024, the stock continues its upward trend, rising an additional 83.5% to reach $908.88 on Wednesday. Nvidia has surpassed analyst projections with its exponential growth, as seen by its current price surpassing the average 12-month estimate of $904.55.

Even with this discrepancy between Nvidia’s stock price and analyst estimates, a sizable majority of analysts—54 out of 60—retain an optimistic perspective and recommend buying Nvidia. But this scenario makes investors pause and consider if such quick profits in such a short period of time can be sustained.

Given how Nvidia’s story is developing, focus is now on other competitors in the S&P 500. After doing a new study, we have determined which 20 stocks in the index have the most 12-month upside potential based on consensus price targets and at least a 75% buy rating from analysts.

Among these competitors, United Airlines Holdings Inc. stands out as experts predict an astounding 47% upside potential. First Solar Inc. and Insulet Corp. are next in line, with 44% and 35% of the potential, respectively. These businesses, along with the others on the list, provide strong investment possibilities supported by positive analyst opinion and anticipated growth.

It’s important to note that Nvidia’s fall in popularity does not lessen its inherent worth or room for expansion. Rather, it highlights how the stock market is dynamic and that investor sentiment may change quickly in reaction to shifting market conditions and new possibilities.

Diversification and keeping a close eye out for new trends are still critical for investors navigating this dynamic environment. Even if Nvidia is no longer the darling of Wall Street, there are still plenty of investment opportunities in the larger market that are worth investigating and maybe making money on.

The story of Nvidia serves as a reminder of how fleeting stock market favoritism is. Even if the firm has temporarily taken a backseat, there are still a ton of prospects for investors to prosper in the stock market thanks to its limitless possibilities.